Evening Star Newspaper, July 19, 1921, Page 22

FINANCIAL. - THE EVENING STAR, WASHINGTON, D. C, ________’——_____—_____—_——————_———'————__—_r—"——— BANKERS EXPE ALRUST FIANCIG Look for Certificate Issue First of Month—Call for Cash. BY L A. FLEM Bankers anticipate a change from the usuat midmonth financing by the government and the lssuance with August 1 of Treasury certific: considerable volume at 3': perhaps a little under this From the June b sale 000,000 securities the the Treasury provided for 15 maturities and also for $1 certificates ma ting the sum named. Secretary Mellon drawing down the ¢ tional banks arising of notes and certificates the chances are this cr uring August for aside the | ¢ heen steadily na o sales entirely exhausted by August 1, if not sooner. . Banks are paying a call for 25 per cent of the remainder of the credit today and have been asked to pay in 15 per cent more on Thursd o this week. This last call will take a little over $15,000,000 from the banks amd leave about $85,000.000 available. It is this small amount that cause bankers to look for an issue of cer- tificates August 1. The war debt of the United State: on June 30 showed a drop from the peak of $26.596.701,648, August 31, 1919, of $£2.619,251.000. During the Jast fiscal year the reduction totaled $431.947.243. and there was also a reduction in the gross debt of 870,915, All issues of Treasury certifidates now command a small premium, and the banks have liquidated their hold- ings very freely and are anxious to ‘buy more. Goed Investment Buying. There was a splendid investment de- o to mand for public utility bonds day’s session of the local exch an aggregate of $20,000 of the favor- ite issues changing ownership Prices were relatively steady and without material change. Gas_5s brought 76%: Capital Trac- tion §Tlp; Railway 4s, 611z, and Potomac Consolidated 55, § A few odd shares of stock sold, but nothing of importance Plan Bond Issue. The New York Central has the 1. C. C. for authority to $4,425000 & per cent consc mortgage bonds for ref amount of New York Hudson river 3% per cent old bonds, B. & 0. Cuts Wages. Baltimore and Ohio general offices announce the first payinent of W for the first half of July, in the duced scale, starting July 16 fective on_the same date salaries general officers, division and nion employes were also cut. althoush i asked is admitted that these officials did not receive advances on the rising wik. scale in ratio to that of other em- ployes. New Savingze Bank. Announcement is made of the pro- posed opening on Monday. of the new Internation. Bank, to be located on th 5th and H streets north capital of the bank $:U0, to have heen placed largelv am leading Italian busincss mon. o interest being evident by the list ot officers and directors. Joseph Schiavone will be pr €av. Dr. Salvatore Flor ian consul. is to be vi There have been corner_of est. The it and val Jtal- Ttalinsy int he large T of a bank in which were to dominate, but resentation of this nationality and representative Greeks on the lis. o shareholders in the Banking Trust and Mortgage Company, In process of formation, seemed to sug n in that direction. Joseph Shiavone, the new presi- dent, was formerly a newspaper man at Trenton, N. J., but came to Wash- ington some years knowledge on immigra might be of avail to S of New .Jersey. his < e hat prob! snator Mo His entrance into the bankinz husi- ness is but natural, as %e ha: long been useful to his ¢ rymen in sending money back to Italy and in advising on financial and other mat- ters. He was a large buyer and sell- er of lire exchanze and held a license as a private hanker. Mr. Schiavone declares that Post- master <ioneral B “atement that there are “millions in stockings is_true. The International Exch will have the business 2 tablished by its president and is as- sured a large line of deposits. Tt will do a large exchange business, and will represent Italian and other steamship lines. Allan i W 'r & Co. are offeri an issue of § first morteage 7 per cent . secured by the new utiding, inciuding theater and stores, to be located at the corner T4th and Florida avenu northwe Hoke smith. former United States menator. Is tie president of el mont Building Compa which is- sued the mortgaze ing the bonds. The latter are offered in de- nominations of $100, $300 and S1.000. Monthly payments ‘are provided to secure the final payment ofgthe bonds when due, one-twelfth of e amount maturing yearly. _Serial ‘maturities offer the opportunity for the investor to make selection of maturity to meet his desires in the Principal and interest are p: the Munsey Trust Company price offered. it is stated. th on the issue will be close to cent. Bonds are registered as principal. Look for Note Issue. Rankers are anticipating a three- vear note issue in the federal financ- ing for the month of August. The success of the first of these notes, when $311,000,000 of 5 per cent three-year notes were taken by the banks and the public, should encour- age another test of the short-term notes. August 16, $157.200,000 Treasury cer- tificates mature. and a month later, September 15. when the third tax in- stallment will become due. $530,000,000 of tax certificates mature. There are those who think that the usual midmonth periodical financing may be changed by an issue of notes or certificates with the advent of Au- gust. The Secretary of the Treasury has been drawing steadily on bank credits arising from the note and certificate sale of June and has but a little over $100,000,000 still to the credit of the Treasury In national banks. It is llkely that the credits will be exhausted before the end of July. —_— * DIVIDENDS DECLARED. Stock of Pay- Record. able. Chie. Wil. Franklin Coal Co. .. q. $1.50. uly 18 Aug. 1 Durham Hosie uly 20 Avg. 1 “Aug. 17 sept. 1 f: ‘Gas” & [ i Q. ~Jul ug. Taylor Wharton 1. & §. Co. " Pfs G $1.75. uly 25 Aug. e . MONEY AND EXCHANGE. NEW YORK, July 19.—Prime mer- cantile paper, 6%a6 exchange 5 - steady. Sterling—Sixty-day bills and commercial sixty-day bills on banks, 3.55; commercial sixty-day _bi 3.55%: demand, 3.59%; cables, 3.60%. Francs—Demand, 7.7! cables, 7.80. Belgian francs—Demand, 7.60; cables, 1. Guilders—Demand, 31.45; cables, 3151. Lire—Demand, 4.54; cables, 4.85, Marks—Demand, 1. cables, 1.30. Greece—Demand, 5.45. Sweden— Demand, 20.81. Norway—Demand, 12.80. Argentine — Demand, 28.50. Brasillan—Demand, 10.50. 3ontreal 1118-16 per cent 'discount. Govern ment_bonds steady. Railroad irregu- lar. Time loans steady; sixty days, ninety days, six months, 6 per cent. NEW YORK STOCK EXCHANGE. Received by Private Wire Direct to The Star Office. Open. High. Low. Close. Adams Express a% 2% Ajax Rubber 20 2 Allled Chemical 38U 88K Allied Chem pf. % BN Allis Chalmers. 0% 0% Am Agr Chem. 3 % Am Beet Sugar. /% 2% Am Can 2% 26 Am Car 13 Am Drugg!st: % Am Express. 16 Am Hide & Lea pf. 62% B2 6I% 514 Am International. 83 8% 33 53 Am Lingeed pf.... 60 6 6 6 Am Safety Razor.. 4 4 & 4. Am Ship & Com... 6% 7% 6% Th Am Smelting. % % W% K Am Steel Fay. 26% 26 26 Am Sugar. Am Tel & Teleg. .. 103 Am Tobacco. . Am Tobacco (B).. Am Woolen. Anaconda. Atchison. Atchison pf. Atlantic FruitCo.. 5 65 6 B Atlantic Gulf..... 21 W 1% 2% Atlantic Petroleum 14'a uh% ECVI !1‘6 Baldwin Loco.7... T4 7% % % Balto & Ohlo. 87% 38% 7% 38 Balto & Ohio pf. Beth Steel (B) Burns Bros. . California Petrol. Canadian Pacifle. . Central Leather. Centrai Leath pf.. Chandler Motor Ches & Ohlo. . Chi Great Westn.. Chi Great W pf.. “ni Mil & St P.. hi Mil & St P pf.. Chi & Northwn. Chi R 1& Pacifie.. Chile Copper Chino Copper. Coca-Cola. .. Colo Fuel.. Col Gas. . Col Graphophone.. 4% Comp Tabulator... 804 Cons Distributors. 8% Cons Gasof N Y... 85 Cons Intl Cal Min.. 4% Cons Textile...... 134 Corn Products.... Cosden & Co. Crucible Steel. Cuban-Am Sugar.. l4is Cuba Cane Sugar.. s Cuba Cane Su pf... 4% Dome Mines. . . 16k ©ndicott-Johnson. 60, indicott-John pf.. 94 rie. rie 1st pt. krie 2d bt U b ayers. . wous Clayers pt Sa Loubber. ceport Tex: Gen Asphalt. Gien Uigar. Gen Llcctric. Gien Moiors © Goodrich. . Granby Consol ‘reat Northern pf. 684 Haskoll & Barker. 54 10uston Ollev.ene. B2 Murine pt Inti slotor Truck.. 31 intl Paper. . 50% Lavancible Oil...ee 10% Kelsey Wheel.. {neunesoit. cons Keysione Tire.... Il &Wopl. 20 : Lubber 1 Valley..c:. 614 0% 93 S m 69 3% g ariet 3l 0% Yarland Oil u I Maxwell B.. 8% 8% 8% 8% seaican b . 105%: 106%s 101% ludts Miaun Copper. el w2 2 Middle States Oll.. 10% 10% 1043 16% Jirdvale S . 23 @B @ 8 ulo Kan & Tex. 2% Y% Mo Pacitic. 19% Mo racitic pt 9 Montgomry Ward. Li's 1% i Natl Acme. U Natl Cloak & Sult. 25% 2% Natl Cloak & Spt.. 68 68 Natl Conduit 1h 1% Natl Lead T4 TR TR T Nevada Copper.... 11 Lh 1 1% New OrTex & M.. 60 80 50 30 Y Central... 69% 63t 69% YChi&StL1st. 60 60 60 60 Ny NH&Hart... 1T% 8% 1Th 18k orfolk & Westrn. $h; 4 83'a 8 Norfolk & Wstpf. 6w 6% 6% 6% North america. 6 6 60 Northern Pacific.. Tk To% 2% 2% Okiahoma Pro@... 1%. 1% ° 4 14 Pac Gas & Elec. 52l 2% 624 Pac Development. 9 9% 94 racinc Uil ... U% Bl B4l ! Pac Tel & Tel. 51 49 Bl | Pan-am Vete. K0la 8% 9% {Pan-am Pete (B). &%x @ % @k | pennsylvania. 35 ths 4% B4 {peun Seabd Steel.. % % T % People’s Gas...... 60 B0% B0 B0% Pere Marquette... 18 19% 18% 19% { Phila Company... 29% 29% 29% 29% Phillips Jones. 6 60 60 6 Phillips Petroleum A ] | Pierce-Arrow. % 18 Plercz Oll. . .ooeen % pierce Oil pf...... 51 Pitts & W Va. 2% Pitts & W Va pf... 7 Pullman Co....... 9% Punta Alegre Sug. 2% 28% 28% Pure Oil.. . , 2% 26% Railway St18pr... s1% 8% 81% Raud Mine 20 2 20 Ray Con Copper... 12% 2% 12% ReAding....eoeeee 6% 7% 6s% Remington Type.. 204 w205 Rep Iron & Bteel.. 4% “ho ek Ries Robert 6% 6 6 Kobert Reis p 50 0 5 Koyal Dutch. 62 B1% 624 St Joseph Lead. ... 11% % 1 StL & Sar Fran... 28% 2% 2% 24% St Louis Southwn. 23% 23% 8% 23% St Louis Sown pf.. 821 82 32 824s Sazon Motors. . 3% 8% 3% % Sears Roebuck.... 66 66% 65% 66% Seneca Copper. 13% M 1% M Shell Trad & Tran. 87% 8% 87% 3T% sinclalr Oil....... 204 0% 20 2. Southern Pacific.. 75% 76% 76% 76% Southern Rallway, 19% 20 19% 20 Southern Ry pf... 4% 4% 45% 5% Standard OilofCal. 8 78 78 _T8 Stand Oll of NJ... 133% 133% 133% 138% Stand OII N J pf... 106% 106% 106% 106% Stewart-Warner.. 2% 24 2% % Stromberg Carb... 81 31 31 31 Studebaker 81% 9% 9% Superior Oll. 4 4% 4% 4% Superior Steel..... 30 31 30 81 Texas Company. 28% 3% 8% E8% Texas& Pacific... 28 28 2% 2% Tobacco Prod. 55 56% 65 B6% OIL STOCKS. Quotations furnished by W. B. Hibbs & Oo. Anglo-American Oll Co. (new).. Atlastic Refining - Horne-SerymserCo. Buckeye Pipe Line Co 3 Chepeborough Manufacturing Co; Coufinental 011 Co. Crescent Pipe Line Co! Cumberland Pipe Line Eureka _Pipe Line. Calena-Sigual 0il Co. com Galena-Sigual OUl Co. pfd Tllinois Pipe Line Co... Indiana Pipe Line Co National ‘Transit C New York Tritiispor | South Penn, Bouthwest. Penn. P Standard Oil Co. Californis Standard Ofl Co. Tndia: o dard Ol Co. Kansa audurd Oil Co. K ard Off ¢ Studard Ol Co. Ktandard 0il Co. Olio. Swan & Fineh Co. Union ‘Tank Line Co. Vac 0il Cn.. Washington Ol Ce liis Bid. 15 . 830 340 78 160" 108 26 8 32 | Wash. kw Open. High. Low. Close. TransContlOll... 7% 7 % T4 Onion Oll. .. 19 19 -18% 18% Union Pacific..... 119% 119% 118% 119 Union Pacificpf... 63 6% 62la 6% United Alloy Steel. 24% 24% 28% 2% United Drug 83 &3 83 8 United Fruit, 104% 104% 1044 104% United Retail Stra. 63% b4% B3'% 6% U S Food Prod.... 16% 16 16} 16% U S Indus Alcohol. 50 0% 49% BOY USRubber....... 50 50% 4% B0% USRubber 18t pf. 927 %% 92%h 924 U S Steel. 2% 1% DhH TN U S Steel 108% 1087 108% 108% Utah Copper a8l 49 48l 48% Vanadium Corp... 28% 2% 28% 28% Van Raalte 1stpf.. 49 49 . 4 4«0 Va-Car Chem. 28% 27 8% 21 ¥ ‘ar Chem pt. 7% ™% TR W Wabash... 8 Th 6 Wabash pf A. 21% 21 2N% Webber & Hellbr. 12% 12k 124 Western Md 2d. 18% Western Pacific. 2 Western Union. 8 Westhse Alr Brk... 87 8 Westhouse E& M.. 42% @ Wheeling & LE.. 8% Bl Wheeling & LEDf. 16% 16% White Motor. s: 82 White OIl.. % T Willys-Overland.. 7% 7% ‘Worthington Pmp. 42% 2% High. Call Money. 6 HOURLY SALES OF STOCKS. 1lam.....145000 12 M.... 227 200 1p.m. 219 700 2p.m... 313 300 —_— Washington Stock Exchange. L By $1000_ at SLOKO AL S5, $1.00 ) wt B, ¥1,000 at R CALL. —$1.000 at 871, Bid and Asked Prices BONDS PUBLIC UTILITY. $1.000 Asked. ™ fean Tel « ephone Bs Capital Traction k. R City and Suburban Metropol! Potomuc Potomac Potowae E Electric cons. 5. ctric Power #s. rG. M LANEOUS. Riggs Realty Washington Market 5s (1927) 5 Washington Market 5s (18 2 STOCKS ' UTILITIBS. Capital Tract Wastington Norfoik amd Wash Wash. Kw] American pital ccurity and Trus American tinental Tr o tional Savings and Trost nion Trust ... Washington Loan and Trust SAVING t Washington Merchants' . Security Bavin Seventh Ktreet s and Commerci 2 Firemen's American Natior Columbia Title . Real Estate Title Mergenthaler 118y Ol Duteh Ma 6 Old_Duteh Market 9 Lanston Monotype 7 76 Seenrity Storage W e Washington Market . 3§ *Es-dividend. STOCK MARKETIS DECIDEDLY NARROW BY STUART P. WEST, NEW YORK, July 19.—Stock market transactions were again at a pretty low ebb. Professionals working on the short side received something of a blow overnight by the- House vote putting erude and fuel oil back on the free list. While the rescinding of the heavy dutles inclosed in the commit- tee's draft of the tariff bill had been anticipated by action of the Presi- dent in requesting that this be done, the street was evidently not fully prepared for the news. Mexican Petroleum jumped up on the first few sales four points and other Mexican and South American oil shares rose a point or more. But in the end the ¢hange in the tariff program fell flat, for most of the opening gains were subsequently lost. The market of the day was a record of petty speculative ~maneuverings for both short accounts. On the one hand, railway some of the steels, equipmen leather stocks were in demand i. while. On the other hand, while op- erators for the decline have failed for the last few days to make any impression on the greater part of the list, they still showed that they had not entirely lost their grip. They were able to make headway against the motor shares, especially Plerce Arrow and Chandler, to keep an appearance of weakness in Gen- eral Electric and one or two mher\nrmes specialties and to undo the good effect of the denial by Atlantic Gulf offi- cials that the company was in seri- ous trouble. Rails Bid Up. Railway shares had one of their Iittle buying waves, this time in re- sponse to word from Washington that the conference between repre- sentatives of the roads and govern- ment officials had _agreed upon a tentative plan for funding the debt to the government incurred during the period of federal control. and that this would be submitted tomor- row to the full association of rail- way executives. Dividend paying rails, especially those on the international list} did rei- atively better than most of the others. This suggested again that rebuying for foreign accougt of stocks sold out at higher prices in the war years is still a factor of im- portance in the market. Atchison is one of the stocks which has been most clearly an object of absorption in_the trading of the last few weeks. - Bvery share that came out between 82 and 821 was quietly taken, and to- day the buying limits were raised abruptly. Atchison is the one rail that is almost back to its high of the year, Southern Pacific, allowing for the value of the rights as determined by the present eelling price of Pacific Oil, is still some five Doints under f{ti hest of 1921, and Union Pacific be- tween two and five points. OutsiGe of the stock exchange the main tendency of the various markets was to reverse the movement of yes- terday. There was a maflerate rally in grain and a renewal of advance in cot- ton. Whether or not the conference at Washington between*the heads of the Federal Reserve Board and the presi- dents of the banks in the southern dis- tricts, designed to produce a uniformit; in the matter of cotton discounts, wi hares were bid up and- | { 1 TODAY’S BOND PRICES. Noon prices reported to The Btar over direct New York-Washington wire by Rtedmond & Co. Y of Paris 6x 1921. 99 1516 French Government 8s. vernment of Switze Kingdom of Belgium 74%s UK. of G, 14 ani Ireland L af ¢ L of G K. of G rican 1053, ¢ 1008 | 15 161 Siga 103190 ii. and Ireland . B. and Ireland 5ys 1920 . B, and Ireland 5ijs 1937, 1. and Tel. conv. 6e. Tenther ntral Pacific 48 1949 exapeake and Ohio cony ssapeake and Ohio gen. 4 peake and Ohio Chi., Mil. and St. P Chi’, Ml and Chicago North: Chi.. R. Norfolk and Northern Western fle s, Packard Motor_Car Co. 8, 1681, Peunsglvanin 5s 1908 ... Pennsylvanin R. R 615+ 1936, Pennsylvania Tx of 1930.. Penusylvanin gen. mortgage general 4x ... und Sun Franch and Sun_ Franei nd San Fra Air Line refy Air LI Bouthern Southern Union Pacitic Union Grain, Produce and Live Stock: GRAIN AND PROV BALTIMORE, July 1 Potatoes, new, per b Beans. Beets, per bunch, 2ad. per head, 4al0. Carrot 21226, Celery, per dozen Corn, per dozen, 15a40. Cucum- per basket. 65a75. Eggplants, ket. 1 beans per bushel. 40a1.10. 1.00a1.60. bage, bunch, 1.50. bers, shel, 3.00a3 al.75. Onions, al. Peas, per bushel, 3.25a3.50. Peppers, per basket, 75a1.00. Squash. per basket Tomatoes, per basket, 7 per barrel, 2.50a6.00; per hamper. 5. Blackberries. per quart, 154 Cantaloupes. native, per basket, 1550a1.75, Currants, per quart, 14al1s Huckleberries, per quart, 20a: Peaches, per crate. 1.50a3. Pine- apples, per crate, 3.00a6.50. Raspber- ries. per quart, 25a30. Watermelons, cach, 23a65. Selling Prices ma per 100 pound: “Ap- 0a Noon. Wheat—No. 1 red winter, spot, 1.44 per bushel; No. 2 red winter, spot. 1.45: No. 4 red winter. spot, 1.17 bid; No. 2 red winter. garlicky, spot, 1.28% July wheat, 1.28 per bu.; August. no_bid. Sales—Bag lots of new wheat. as to quality and conditions, at 5. 1.05. 1.08, 1.12, 1.13, 1.15. 1.16 and 1.1 per bu.; 1,100 bu. of No 4 red winter, spot. at 1.17 per bushel. Corn—Cob. new. yellow, 3 %0a3 85 per bbL; for white, 15 to 20 per bbl. lower carload lots; contract corn. spot, % track corn. yellow, No. 3 or bet- ter, domesti 79ak0. Oats—No. 2 white, 501 : No. 3, 50. Rye—Bag lots of nearby rye, as to quality, 1.00a1.25 per bushel: No. western export, spot, 1.44}4 per bu. No. 3, no quotations. Hay—Prices nominal. Straw—No. 1 straight rye. nominal;, No. 2 stralght rye, nominal; No. 1i tangled rye, 15.50; No. 2 tangled ry 16.00; No. 1 wheat, 14.50a15.00; No. wheat, 12.00; No. 1 oat, 13.00; No. oat, no quotation. CHICAGO, July 19.—Wheat prices developed Strength today after a weak start. Houses with eastern connections were ‘active on the buy- ing side, and country offerings were reported light. It was said rains in Kansas and Nebraska had inter- 1 e, 2 fered with threshing. Initial quo- tations. which varied from un- changed figures to 1% lower, with September 1.261; to 1.27 and Decem- ber 1.30 to 1.30%, were followed by upturns all around to well above vesterday uflfinllh. Corn raiffed with whe: After opening %al to % lower, including September at 613 to 61%. the mar- ket scored slight general gains. Oats took the same course as other grains, starting a shade to lgaly lower. September 41 to 4114 and then became firmer. Lower quotations on hogs had a de- pressing effect on provisions. —Re- sides, there were heavy deliveries of lard Potatoes—Receipts, 101 cars: weak- er; Virginia stars. 4.75a5.00 bbl.; Norfolk, 4.00a4.50 bbl.; Kaw Valley. 1.50a1.75 c. w. t.; Missourl, 1.75a1.85 o w. t.; Nebraska, 2.25a2.30 ¢. w. t.i California, 2.65a2.70 c. w. t. Bubsequently, weakness of sterling | exchange counted as a bearish wheat factor, but not of a lasting sort. The close was unsettled, 1 to 1% cents net higher, with September 1.28% to 1.281%, and December, 1.32 to 1.32%. Indications that vessel loadings of corn here this week would be lib- eral tended to uphold the market fater. The close was firm, % to 1% net higher, with September 62% Open. High. Low. Close. Ta Lo 126 1KY Ui 1381 180 132 2% Mm% K R S A A2y W COTTON MARKETS. NEW YORK, July 19.—An opening | advance of 4 to 7 points in cotton | today was not sustained, owing to a renewal of southern hedge pressure and ‘local realising sal and the markel soon became heavy. declining about 4 to § points under the previous close, which carried Octo- her down to 12.64 and December to 13.06. The early buying. which included orders from Liverpool, Wall street and local traders. was based on firm cables, favor- able textile mews and predictions for showers over the belt. Features opened steady; July, 12.20, asked; October, 12.74: December, 13.17; January, 13.17; March, 13.43. NEW ORLEANS, July 19.—Irregu- larity prevailed on the opening in the cotton market today, but before the trading had gone very far enough liquidation came from the long side to put prices 7 to § points under the close of yesterday, opened quiet: July, 11.40; Qctober, December, 12.54; Jan- vary, 12.64; March, 1 LIVERPOOL. July 19.—Spot cotton Good mid- ; prices easier. fully middling, 3. in ‘good dem: midding, 9.1 dling, 8.32; low midaling, 7.42: % ordi- nary, 6.27; ordinary, 5.52. Sales, 14,000 bales, inciuding 10,800 American. Re- ceipts, 19,000 bales, including 14,700 Amegican. Features closed quiet but steady; July, 8.42; October, 8.70; Decem- ber, 8.78; March, 8.84; May, 8.89. ASSETS ORDERED SOLD. NEW YORK, July 18.—The. assets of the Haitlan-American rporation were ordered qolddyellerdly by Judge Mack, in_the United States district court, for $650,000 to five creditor banks, the only hid received. The banks were the Ir- ving National of New York. the Fletcher American National and Continental Na- tional banke of Indianapolis, and the National Exchange and Second National banks of Baltimore. The Haitian-Amers ican Corporation is said to be a holding i ' 110.00 to shippers: ctoder dropping |. SHORT-TERM SECURITIES. (Reported by Redmond & Co.) Bid. Offer. American Tel. & Tel. 98 9% American Tel, & Tel. 6% 96% American Thread .o“ 0% Amertean Tobacco (o, 100% 100% American Tobucco Co. 2% 100% American Tohacco Co. 0% 1005 Anaconda Copper 6a 1921.. w7y BT% Anglo-American Ol 7%s 1923.. 99% 99% Armour & Co, Tx 1930. . 0% 6% "wy Bethlehem Steel 7u 1 ; & St Con. New York 8s 1 Copper Bxport A’ Copper Fxi by Packing Lo, B. F. Goodrich 7+ i Gulf 0l Corpor L3 H » 2%, Rey oebuck & (¢ 100 97 0, ] BONDS. whed by W. B. Hibbs & Co. TR Bad. Aniline 414 AL EL Ges. 41 Dresden 4 Mein‘ger Bank Dresden 4% Nord. 1.. Bank 4 Dusseldorf n AN nkfurt i Frankfurt Hamburg 3 Humburg Hamburg 4x. . Hamburg 415000 . war loan Teipzig $1an ioan Sx. ’ . erman gov. 315 113, Beigian LOCAL WHOLESALE MARKET. fresh, per doz., 34a35; 33 poultry—Roosters turkeys, per 1b., 33a spring, per Ib. 37a40; 30; kea young, each. ens, winter, per 1b.. 30. Dressed ' poultry — Fresh - killed spring chickens, per 1b., 10a45: hens. per b, roosters. per b, turkeys, 35a40; keats, young, each, 60a 75: chickens, winter. per ib. 35a40. Pork—Dressed. small, per Ib. 15. Live stock—Calves, cholce, per Ib., 915 lambs, choice, per 1b., 10a10%: live hogs, 11. Green Fruits—Apples. per bbl., 10.00: western, per box, 3.50a4.50; C fornia lemons, per box, 10.00a11.00; lifornia oranges, per crate, 5.50a 650, grapefruit. per crate, 6.00a8.00; peaches, per crate, 225a350; black- berries, per quart, 15a30; raspberries, per quart, 0; cantaloupes, per crate, 00a Vegetables—Potatoes, new, No. 1, per bbl., 250a4.00; lettuce, nearby, per : Neéw York lettuce, per celery, per dosz., 75a Romaine lettuce, 1.00a1.50; cym- blings, per crate, 75a1.00: spinach, per barrel. 3.00a4.60; kale, per barrel, '1.00a : peas. nearby. per bbl, 6.00212.00; onions, 1.25a1.76; cabbage. crate. 2.0013.00; cucumbers, 1.00a plant, per crate, 3.00a3.50 per box, 1.50a4.50; aspa doz., 1.00a3.00; corn. 15a beans, 7.00210.60 per bbl. —_—— DAIRY MARKETS. BALTIMORE. July 19 (Special).— Chickens—Alive, springers, per pound, 30a40; white leghorns. 30a35: old hens, 27a31; old roosters, 18. Ducks, per pound, 22a26; spring ducks, 28a 32, Pigeons, per pair, 35a40. Eggs (loss off)—Native and neatby firsts, per dozen, 31: southern, 28a29. Butter—Creamery. fancy, per pound, 44a45; nearby cream- Jadles, 2§a29; rolls, per pound. dairy prints, 27a29; process butter. 31a33. CHICAGO. July 19.—Butter—High- er; creamery extras, per pound, 40%4a 41: standards, 39; firsts, 35a40; sec- onds. 30a34. Eggs—lower: receipts, 14,573 ca: firsts, per dozen, 28a2§l3; ordinary firsts, 23a25; at mark, cases included, 26a27 Poultry—Alive, unchanged. CHICAGO LIVE STOCK MARKET. CHICAGO. July 19.— Cattle — Re- ceipts. 10000 head: yearlings and handy weight steers, steady. Other steers, she stock and bulls, tending lower; top yearlings, 9.40; prime 1.585- pound steers, 5.00; bulk beef steers. 7.25a8.75: bulk fat cows and heifers, 4.5006.50; canners and cutters largely, 2.00a3.50; bulk bologna - bulls, 5.00a 5.75; butcher bulls mostly, 6.00a6.75; veal calves, slow. steady: bulk around 10.00; stockers and feeders, strong. Hogs—Receipts, 32,000 head: fairly active, largely 10 to 20 lower than yesterday’'s average, mixed off most top. 10.80 early: bulk better grades. 9.90a10.65; bulk packing sows, 87ba 9.10; pigs mostiy 10 to 25 higher; bulk desirable, 10.50a10.65. Sheep—Receipts, 16. lambs, strong to 2 strong to higher; native lamb: bulk, early, 9.60; culls, mostly, 6.00; one sal Tdaho lambs steady at 10.25; some westerns held considerably higher; Washington wethers, 6.25a6.60; best light ewes, 5.25 to shippers. SUBSTANTIAL GAIN IN BREADSTUFFS EXPORTS Federal Figures Also Show h- creases for Mineral and Cot- tonseed Oils. Exports of breadstuffs, cotton seed oils and mineral ofls increased sub- stantially during the last fiscal year over the previous year, while cotton exports fell off by more than 1,500,000 bales and meat and dairy products declined by more than $300.000,000, ac- cording to Department of Commerce figures today. Breadstuffs exports were $1,071,000, against $898,000.000 the previous vear, figures for the month of June be- ng $68,000,000, against $81,000,000. Cotton exports for the year were 5.409,000 bales. worth $600,000.000, against 6,915,000 bales, worth $1,381,« 000,000, and for the month. 495.000 bales, worth $30,519,000, against 241, 000 bales, worth $50,000,000. Cottonseed ol was £73,000,000 pounds, worth $51,000.000, compared with 159,000,000 pounds, worth $36,- 000,000, for the year, and 14,000,000 pounds, worth $1,000,000, against 11,- 000,000 pounds. worth $2,000,000, for the month. : Moat and dairy products were worth $403,000.000 for the year, com- pared with $771,000,000, and for the nonth, $24,000,000, compared with $48,000,000. Mineral ofls for the year, 3,035, 000,000 gallons, worth ~$535,000,000, compared with 2,833,000,000 gallons, valued at $426,000,000, and for the month, 204,000,000 gallons, worth $2 000,000, against 248,000,000 gallons, worth $46,000,000. Wheat in _June was 25,000,000 bushels, worth $40,000,000, compared with 13,000,000 bushels, worth $37,- 000,000 Flour, exports, 1,500,000 barrels, worth $11,000,000, compared with 3,000,000 barrels, worth $3g,. 000,000 Corn. 12,000,000 bushel worth $9,000,000, compared with 83¢,« 000 bushels, worth $1,600,000. SHORTAGE NOW $470,000. AUSTIN, Minn.. July 19.—Audit of the accounts of R. J. (Cy) Thomson, former controller of George A. Hore mel & Co., local packers, 8o far shows a shortage of $470,000 it was an- be a_help to the cotton situation, is a|orzanization for various enterprises on | nounced today hy Jay C. Hormel, question. the Island of Haiti. vice vresident of the company. TUESDAY, JULY 19, 1 921. SUGAR MARKET FIRM. NEW YORK, July 19.—The raw sugar market opened firm and un- changed af 61 for centrifugal. There were sales late yesterday and carly today of 93,000 bags of Cubas by the committee to local and outport refiners at 3, cost and freight. equal to 4.61 for centrifugal. in port and prompt shipment, while 20,000 bags of Porto Ricos sold to a local refiner for first half August shipment at 4.50 for centrifugal. > Raw sugar futures were easy early, but, after opening 1 to 4 points low- er under liquidation, prices rallied on covering and at midaay were about unchanged to 4 points net higher. Refined sugar was firmer. with one leading refiner advancing list prices 15 points to the basis of 5.9 for fine granulated. Others were unchanged at 5.20 to 575 and a good inquiry was reported. Refined futures were nominal. KANSAS BANK CLOSES. SALINA, Kan., July 19.—The I’eople's State Bank was closed vesterday by the state bank commissioner. Officials waid {the bank was placed in the hands of the { commissioner “pending ite reorganiza- fHas the slump in the mo- tion picture business with the bigh costs of making films endangered the 8 per cent dividend? We have some interesting data on this company. CRUCIBLE STEEL What is the prospect for the new dividend rate to be maintained? The steel industry is groping its way towards firmer round, but some of the independents are slow to recover. Write and ask for DILLON &5 CO. STOCKS—BONDS 32 Broadway New York ALBANY OFFICE: 90 STATE STREE WANTED ACCOUNTANT To invest twe te five thousand d]’;:;.:.;‘o'("hg-: wervices; advertise iven and required. Write dress. Tox SANA1. Star Office. Why 3% when your _money will earn 7% for youand | you will enjoy Bank Safety. Invest your savings in our the safest form of | | investment, but the | Call, phone | most profitable as or write for | well. | our booklet, s “Safety In denominations e of $100 and up. | First— | Then Profi | William S. Phillips Real Estate Investments 1400 N. Y. Ave. Main 98 | SECURITY ‘The value of an investment is primarily determined by the security. The security of our mortgages is improved real estate in the District of Columbia. Experienced examiners go thoroughly over every build- ing before any mortgage is made. The preperty is al- ways conservatively appraised. We place our own funds in the mortgage first, then sell them to investors. In amounts of $250 and up. B.F. SAUL CO. Mortgage Loans 934 N. Y. Ave. N.W. gufi-—vfi internst, I8 ), secured by rat Joseph I. Wefl::':g, Is this the time to accumulate stocks? Many recognized au- thorities on market conditions agree that it is. These opinions have been collected by us and appear in this week's 24 - pa; “Investor & Trader” under the title: Is now the time to buy stocks ? Call, phone or write for copy. Ask for U. U.-486. BALTIMORE OFFICE 433 EQUITABLE BUILDING Telephone 8t. Paul 8451 DIREOT PRIVATE WIRES Mow York Ohicage Besten Philsdalphis Pittsburgh Detroit Baltimsre Oleveland JONES &-BAKER Members New York Curb Merket FINANCIAL: .2 EQUITABLE Co-Operative Building Association 41st YEAR COMPLETED Ansetn .$439:.878.6% Surplus .$1,085322.80 “Gilt Edge” 1% First Mortgage Notes Now on Hand In Amounts « $250 Up to $5,000 We look after all detaiis and furnisn Systematic Savinz Leads e eninity e e e o to Great Accomplishments e - —8ave av you earn, asd s will begin - e e G e L e Chas. D. Sager : prenared for emergencies that muy arise later. 1 15th St. N.W. Loan Dept., M. 38. Subseriptions for the 81st Issue of Stock Being Received Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE BUILDING 915 F St. N.W. JOHN JOy SON. Pres) FRANK P. RE DE, You Show Good Judgment When You Invest in FIRST MORTGAGES They give you freedom from worry and annoyance and yield 7% In Denominations of $100 and Up Net 'Interest First Mortgage Notes $100 $500 $1,000 Absolutely Safe Geo. W. Linkins 1719 K St. “Thirty-five Years of Safety” Safety is unquestionable when placed by Shannon & Luchs 713 14th St. Best Sccurity in the World—Improved Washington Real Estate MR. INVESTOR: IS YOUR MONEY EARNING SUFFICIENT INTEREST RETURN? If not we suggest your immediate investigation of our offering of $300,0 -l At prices to yield 7.50% interest Conservative—Safe- -Certain . Bonds are a direct closed first mortgage on the land, build- ings and equipment of the new Belmont Building, including theater and stores, at 14th and Florida avenuc, and a first lien on the earnings of the property. The value of the property constitutes a wide margin of safety. Gradual amortization adds to this margin each year. $100 $1,000 $500 Bonds are issued in the above amounts. Why permit your money to remain idle, or to draw only moderate interest return, when with ?osim'c security as to both interest and principal, it will earn 7.50 per cent. Gold Bonds Call, Phone or Send Card for Complete Details. Allan E. Walker Investment Co. Southern Building Main 426—Branch 14 Little Tragedies The passed dividend may cause only incon- venience and disappointment to a person of large income and varied investments. But to the small investor a fruitless year for his care- fully husbanded savings is nothing less than tragedy. The past six months, which have wit- hessed losses totaling $23.000,000 in the form of omitted dividends on stocks, have amply demon- strated the soundness of our First Mortgage Notes, on which no payment is omitted or even delayed. Swartzell, Rheem & Hensey Co. 727 15th Street N.W. Washington, D. C. The Nation’s Home Town 52 Years Without Losa to a i ¢ L \%\\\?\Wu \ You ARE ONE TREE IN THE FOREST The strength of a forest is the strength of its trees. The prosperity of a nation is the Thrift of its citizens. As forests are ravaged by fire and insect, national prosperity is_ravaged at times by economic blight. But the soundness of the trees—the courage and thrift of the people—are sure warrant of victory over time and circumstance. A savings account is a pillar of strength throughout your days. ¢ AMERICAN ¢ SECURITY & TRUST"COMPANY 15th Street at Pennsylvania Avenue HOME SAVINGS BRANCHES Eighth and H Soets, NLE. 436 Sevehh Street, S.W. HMember American Bankers Association